What is the Binance?

Binance is a cryptocurrency exchange that deal predominantly with Chinese coins and the Chinese Markets. They are based out of Hong Kong and have been around since 2017. They were developed by Changpeng Zhao after his company Beijie Technology raised $15 million dollars.

They are a rather new company, with a few years in existence, but Zhao is very experienced in the industry. He has worked for some of the biggest companies such as Blockchain.info and several others within the cryptocurrency industry.

Binance accepts both Chinese and English users of the website. They have recently changed their base location from Hong Kong to a different location due to the Chinese Government restricting cryptocurrency trade in China. Zhao stated in a recent interview, “In response to China’s decisions, we are moving our IP’s from Hong Kong to an offshore location. So we are registered in multiple locations and we have people in multiple locations. That way we will never be affected by one regulatory body”.

You will find that Binanceis a great place to trade cryptocurrency with over 100 coins supported for deposit and withdrawal. They offers one of the most competitive rates around and the exchange accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with Simplex to allow credit card purchases of cryptocurrencies at a premium.

Getting Started with Binance

The first thing you need to keep in mind with Binance is they did not allow you to purchase anything on their site using normal fiat until recently. Therefore, before you set up an account with Binance, we suggest you also set up an account at another location so you can purchase Bitcoin. There are several places where you can buy Bitcoin such as Coinbase when purchasing larger amounts, and then you can transfer the Bitcoin to a Binance account. Recently Binance has partnered with Simplex to supply a brokerage service. This service allows you to buy 6 different cryptocurrencies with a credit card. However, this service comes with a fee of 3.5%.

First off, you will need to set up an account. Setting up an account is fairly simple and only takes minutes to complete. Once you set the account up, you will need to go back to the broker that you purchased the Bitcoin and transfer the Bitcoin to your Binance account. This will now allow you to purchase other cryptocurrency by using your Bitcoin balance.

Benefits of Binance

There is no doubt that the top benefit of Binance is the amount of various cryptocurrencies that are available for you to purchase or sell. There are a ton of exchanges that you can use but many of them do not offer the amount of coins that Binance offers. Whether you are looking for a small ICO or are looking for a more respected coin, they have a wide variety of coins and usually have a decent quantity available for each. With most exchanges, they will offer 25 of less coins but with Binance, they offer nearly 100 of the major altcoins in addition to Bitcoin.

Binance’s brokerage service allows you to buy the following currencies with a credit card:

Bitcoin (BTC)

Ripple (XRP)

Binance Coin (BNB)

Ethereum (ETH)

Litecoin (LTC)

Bitcoin Cash (BCH)

Another benefit of Binance is the fact that their website is very easy to use and can be great for new users and pro’s alike. Whether you are a seasoned veteran of cryptocurrency trading or are looking to trade your first Bitcoin, the website is easy to use and quick to learn how to navigate.

Another favorable aspect of Binance is their low transaction and withdrawal fees. They charge nothing for new deposits of coins on to Binance and charge just 0.1% on value of trades. This is a great asset to have and will save you a significant amount of money over the course of time.

Negatives of Binance

The negatives with Binance really are extremely rare but they do have a few things that we have found while doing our research. Many people have complained about using the app on their Android device. Some have said that they experienced lag, some have said they’ve dealt with losing connection and others have said that they were not able to access the app at all. I have never had this issue and I don’t know anyone personally that have ran into this issue, mainly because all of my cryptocurrency transactions are completed on a computer, where I can make sure I have upgraded security measures.

The only other negative would be that you can only withdraw cryptocurrencies from Binance. There is no option to withdraw fiat currencies (i.e. USD, EUR, etc.). So you would have to withdraw your currency to Coinbase or another exchange where you can withdraw fiat.

Overall Conclusions of Binance

Binance is only been around for a few years but they have already built up one of the strongest reputations in the industry. Open up any cryptocurrency review and you will find a plethora of comments about how easy the website is to use and how secure they are with holding your cryptocurrencies.

They are legitimately one of the best exchanges to use and we recommend them as one of the top exchanges to use for trading and selling cryptocurrency. They have little to no blemishes on their resume and are regarded as one of the elite companies to deal with across the board.

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